Japan’s annual wholesale prices rose at a faster-than-expected pace in December, data showed on Monday, adding to recent growing signs of inflationary pressure that could keep the central bank under pressure to raise interest rates. | Reuters
For the whole of 2022, wholesale prices rose 9.7 percent on average from the previous year, hitting a record high since comparable data became available in 1981. It was much higher than a 4.6- percent gain in 2021.
Speculation is rampant in markets that the BOJ could soon phase out its massive monetary stimulus as rising inflation pushes up long-term interest rates, testing its resolve to defend a newly set 0.5-percent cap on the 10-year bond yield. At a two-day policy meeting ending on Wednesday, the BOJ will likely raise its inflation forecasts and debate whether further steps are needed to address market distortions it sought to fix with December’s surprise tweak to its yield control policy, sources have told Reuters.
Data due out on Friday is expected to show Japan’s core consumer prices rose 4 percent in December, double the BOJ’s 2 percent target and a fresh 41-year-high, in a sign of rising living costs for households, according to a Reuters poll.
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